A bidders' value for a good may be low ($2),medium ($5),or high ($7).There are an equal number of potential bidders having each value.Suppose two bidders show up for an auction at which the good is offered.What is the best estimate of the expected revenue from the auction assuming there is no minimum bid increment?

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The Answer of A bidders' value for a good may be low ($2),medium ($5),or high ($7).There are an equal number of potential bidders having each value.Suppose two bidders show up for an auction at which the good is offered.What is the best estimate of the expected revenue from the auction assuming there is no minimum bid increment?

A Bidders' Value for a Good May Be Low ($2),medium